What Audit Committees Need to Know About the PCAOB

Our guest – Dan Goelzer – a founding Board member of the Public Company Accounting Oversight Board (the “PCAOB”) – examines what audit committees need to know about the PCAOB, including:

1. How does the PCAOB affect audit committee activities? Auditing Standard #16, etc.
2. Should the audit committee ask its lead auditor if that company’s audit has been pulled for inspection by the PCAOB Staff as part of the PCAOB’s annual investigation of the auditor?
3. How might a PCAOB inspection then spur the audit committee and the company’s financial staff to act?
4. How does the PCAOB’s role affect questions the audit committee should ask as part of its annual due diligence before engaging the auditor for another year?